Indices opened on positive note in yesterday’s session and breached 11150 levels in afternoon session on back of fresh buying in selected heavy weight stocks. However, in last hour of trades profit booking pressure was seen from higher levels that dragged nifty below 11150 and finally it closed around 11130 levels up by almost 61 points.
- Fresh long accumulation was seen in nifty fut. whereas bank nifty fut. saw profit booking from higher levels. Nifty fut. added almost 5.40 lakh shares in OI and closed at 7 points premium as compared to 8 points discount a day before.
- Selected long positions were added in stocks like ioc, tatasteel, chm, ashokley, hdfc and tvsmotor.
- Short covering pullback was seen in auto sector and stocks like maruti, pidilite, upl, ibulhsgfin, mindtree and petronet.
- Hexaware, jindalstel, amarajabat, andhrabank, unionbank and bhartiartl were some of the stocks that added fresh shorts.
Domestic bourses are expected to open on flat to negative note in today’s session and thereafter will continue to see profit booking at higher levels. Ahead of Union Budget players some long unwinding pressure can be seen that can drag nifty towards 11050-10980 levels. Put writing at 11000 strike option will act as strong support zone for indices, however if nifty sustains below that than some more selling can be seen that can drag nifty towards 10800 levels in short term.
Script Action Initiation Target SL
ARVIND SELL Around 438 426 445
SUNPHARMA BUY Around 586 600 578
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